The Colcap index on Thursday quickly erased Wednesday’s gains as it racked up a loss of 1.59% in today’s session. Volume was below recent daily averages as COP128.3 billion changed hands.
Canacol led the downside as it shed 4.46% today bringing its total losses on the year to 42.26%.
Imports in May were up 54.9% yoy, largely due to significant buying of foreign vehicles which increased 90.7% over the previous May. The majority of imports came from the Unites States as they increased from $901.3 million to $1.33 billion, yoy in May. Imports from China increased to $729.7 million and to US$496.9 million from Mexico. Year to date, Colombia has a balance of trade surplus of $1.763 billion.
The Peso broke recent highs and closed at 1,747.65.
Author Michael Sutton is head of International Trading at Bolsa y Renta.